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‘Bitcoin Pharaoh’ Told to Repay Investors $3.7 Billion

‘Bitcoin Pharaoh’ Told to Repay Investors $3.7 Billion

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  • Glaidson Acácio dos Santos, the “Bitcoin Pharaoh”, must pay back $3.7 billion to more than 122,000 Brazilian crypto-fraud victims.
  • Bitcoin Pharaoh accused of defrauding thousands of Brazilian investors
  • Santos, a former pastor, had wanted to run for local office

Brazilian authorities have reached out to Glaidson Acácio dos Santos, also known as the “Bitcoin Pharaoh,” and ordered him to deposit about $3.7 billion in court within two days as compensation for defrauding hundreds of thousands of citizens. The amount is supposed to be returned to the 122,072 investors who were victims of Santos’ crypto scam. The news came shortly after a local court barred dos Santos from contesting the post of federal vice president in the country’s Christian Democratic Party.

122,072 investors demanded their money back

Authorities first became aware of dos Santos’ fraudulent Bitcoin scheme in 2021. Hundreds of thousands of investors gave him their money when he guaranteed 15% interest on their deposits. However, the plot turned out to be nothing more than a gigantic pyramid scheme. When dos Santos was arrested, police found luxury goods and millions of US dollars in cryptocurrencies and property in his possession.

According to the court that oversaw the case, the funds will be returned to 122,072 people after dos Santos’ legal representative failed to convince the court that the order did not take into account his client’s financial condition or the company’s “incoming information”. and outgoing transactions.”

Instead of 15% interest, investors lost everything

Investigations into the scheme revealed that Santos operated with the assistance of four other individuals from their wealthy estate in Rio de Janeiro, which served as their headquarters. Victims fell for dos Santos’ stories of guaranteed interest, which have been used time and time again to lure unsuspecting investors.

Available data shows that the amount of crypto assets recovered by the authorities is the highest in the history of the country. The insult doesn’t stop there – Santos’ involvement in the scam has also disqualified him from the political race he entered, ending his chances of holding office.

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